Caroline Hyde

How much are you seeing the ETFs

showing that either that we're in a bubble or indeed that there's still this more worry that the stranglehold, the chokehold is really a lack of energy and a lack of infrastructure.

Yeah, I mean, what I would say is I would almost take the criterion view on that because if anything, we've seen inflows back into the AI energy trade, like the AI energy and infrastructure trade, for example, has been probably one of our most popular in the last couple of weeks because

I think investors are looking at it and saying, like, we already have this backlog, as you're saying.

Right now, AI is using 4.5% of the world's energy in two to three years.

It's supposed to be 10%.

Throw on top of that the geopolitical issues and, you know, the supply issue there.

What happens over time?

It becomes more expensive.

These companies could benefit from this over time.

So I do think that overall it does benefit AI infrastructure in the future.

Your ETF is very much hardware exposed rather than software exposed.

And at the moment, software has a terrible day of it as well.

Even names like Palantir, which are a defense play.

And even President Trump himself talking about Palantir and the application in war.

What's interesting, we spoke with the CTO a couple of weeks ago talking about how this is an AI war.

Just take a listen for a moment.

And really, we did see the CTO articulating that we've never seen a conflict like this as AI exposed.

How much is that being shown in some of your ETFs, Jedi, for example, those that are focused on war and drones?

Yeah, so Jedi has certainly had its day in the sun.